4 July
Bitcoin recovers amid weakening dollar
According to Bloomberg, bitcoin climbed to its highest price since Donald Trump's announcement of new import tariffs on April 2. The rebound came amid a decline in the dollar on renewed concerns about the US president's attempts to dismiss Federal Reserve (Fed) Chairman Jerome Powell.
The main cryptocurrency jumped about 3% to hit $87,600 on Monday morning trading in Asia, the news agency stated. Meanwhile, the dollar index reached its lowest level since January 2024 as a result of Friday's announcement by Kevin Hassett, director of the US National Economic Council, of Powell's likely dismissal.
Bitcoin's rebound happened alongside another spike in gold prices, Bloomberg reported. The yellow metal rose to a new record high, proving investors' growing demand for safe-haven assets.
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